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WTI Options Liquidity During Non-U.S. Hours

Highlights:

  • Over 80% of WTI Options (LO) have traded electronically for almost 3 years straight
  • LO volume continues to be driven by spread trading—a record 59% of LO volume was executed via spreads in March 2020
  • A record 21% of WTI Options are being traded overnight YTD in 2020 with ETH ADV at 31k
  • LO ADV traded during London Morning Hours is at 21k YTD, with a record 14% of total ADV executed during this time frame each day

New Expiration Rules for Brent Options

Highlights:

Brent Crude Oil options (BZO) will be auto-exercised with no contrary instructions allowed beginning with the March 2020 contract expiration on NYMEX. The new options expirations rules allow a simpler and more transparent expiration process for traders hedging the volatile crude oil market.

For More Information:    

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 149,481 4,580,335
LO LO - LO Crude Oil Option Crude Oil NYMEX 105,765 1,925,688
LO3 LO3 - LO3 Crude Oil Friday Weekly Option - Week 3 Crude Oil NYMEX 10,895 0
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Option Crude Oil NYMEX 6,300 171,825
LO4 LO4 - LO4 Crude Oil Friday Weekly Option - Week 4 Crude Oil NYMEX 5,486 10,435
9C 9C - 9C Brent Crude Oil Last Day Financial Calendar Spread (1 Month) Option Crude Oil NYMEX 4,500 29,475
AO AAO - AO WTI Average Price Option Crude Oil NYMEX 4,223 257,757
7A B7A - 7A Crude Oil Financial Calendar Spread Option 1 Month Crude Oil NYMEX 3,900 415,675
ML4 ML4 - ML4 Crude Oil Monday Weekly Option - Week 4 Crude Oil NYMEX 3,721 6,583
WL4 WL4 - WL4 Crude Oil Wednesday Weekly Option - Week 4 Crude Oil NYMEX 3,403 4,850
Trade Date: 21 Jun 2024 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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